Reliance Industries shares gains on reserves hopes
Reliance Industries is the operator of the block with a 60 percent stake.
Written by Reuters
1 min read
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Reliance Industries Ltd shares gain 1.7 percent after its KG-D6 block partner Niko Resources Ltd said its proved reserves increased by 160 percent,and that a recent gas discovery in the D6 block off India8217;s east coast could add significantly to future reserves.
Reliance Industries is the operator of the block with a 60 percent stake. BP Plc holds 30 percent and Niko the rest.
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The Canadian oil and natural gas producer said in May it made a significant gas discovery,along with its partners,in the KG-D6 block off India8217;s east coast.
Niko shares also rose as much as 13 percent in morning trading on the Toronto Stock Exchange on Thursday.
